Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council to consider second Economic Development Loan Fund loan for Policy Kings brewery after location change
Summary
Policy Kings Brewery requested a second $75,000 EDLF loan after changing locations within Central Ninth; staff recommended a $75,000 loan at 8% over seven years and said the first loan remains outstanding but in good standing; council vote scheduled during the formal meeting.
Salt Lake City economic development staff briefed the council on Feb. 18 about a proposed second Economic Development Loan Fund (EDLF) loan to Policy Kings Brewery, a Cedar City‑based brewer relocating to Central Ninth in Salt Lake City.
Loan details and background Staff said the EDLF Loan Committee recommended a second $75,000 loan at an 8% interest rate for seven years to help Policy Kings pay for building renovations, leasehold improvements, equipment, furniture, working capital and contingencies. Staff said the business has not repaid the first EDLF loan (it was closed and funds disbursed last year), but the first loan remains in good standing; staff told the council the first loan was placed on deferment while the borrower finalizes the new location and financing and that payments will resume once both loans are secured.
Economic impacts Staff estimated the project will create about 15 new jobs and retain roughly five existing positions in the near term. The applicant said it is still negotiating lease and build‑out details at the corner of South Temple and Ninth (site specifics were discussed in the briefing).
Next steps Staff said the item does not require a public hearing and that a council vote on the second loan was scheduled for the evening formal session.
Speakers: city economic development staff presented the loan terms and applicants’ representatives answered council questions during the Feb. 18 work session.
